The following are my favorites quotes from Sahil Bloom's The 5 Types of Wealth: A Transformative Guide to Design Your Dream Life:
- The arrival fallacy is the false assumption that reaching some achievement or goal will create durable feelings of satisfaction and contentment in our lives. We incorrectly assume that we will finally experience the sensation of having arrived when we reach whatever we have propped up as our destination.
- The greatest discoveries in life come not from finding the right answers but from asking the right questions.
- Never let the quest for more distract you from the beauty of enough.
- The Five Types of Wealth:
- Time wealth - the freedom to choose how to spend your time, whom to spend it with, where to spend it, and when to trade it for something else.
- Social wealth - the connection to others in your personal and professional worlds--the depth and breadth of your connection to those around you.
- Mental wealth - the connection to a higher-order purpose and meaning that provides motivation and guides your short- and long-term decision making.
- Physical wealth - your health, fitness, and vitality.
- Financial wealth - financial assets minus financial liabilities with an added nuance. Your liabilities include your expectations of what you need, your definition of enough.
- Your Life Razor is a single statement that will define your presence in the current season of life. A powerful Life Razor has three core characteristics. It is:
- Controllable - it should be within your direct control.
- Ripple-creating - it should have positive second-order effects in other areas of life.
- Identity-defining - it should be indicative of the type of person you are, the way your ideal self shows up in the world.
- Systems are the daily actions that create forward progress. Leverage amplifies the output of a single unit of input. Combining the two ideas, high-leverage systems are the daily actions that create amplified, asymmetric forward progress.
- Here are six key lessons for life:
- Family time is finite--cherish it.
- Children time is precious--be present.
- Friend time is limited--prioritize the real friends.
- Partner time is meaningful--never settle.
- Coworker time is significant--find energy.
- Alone time is abundant--love yourself.
- You have more time than your ancestors but less control over how you spend it. You have more time, but somehow you have less time for the things that truly matter to you.
- The three core pillars of Time Wealth:
- Awareness - an understanding of the finite, impermanent nature of time.
- Attention - the ability to direct your attention and focus on the things that matter (and ignore the rest).
- Control - the freedom to own your time and choose exactly how to spend it.
- In his On the Shortness of Life, Seneca wrote, "We are not given a short life but we make it short, and we are not ill-supplied but wasteful for it."
- Attention is defined as the state or act of applying the mind to something. This application of mental energy is how we create progress. Your choice of how and when to deploy your limited attention determines the quality of your outcomes.
- The freedom to allocate time according to your preferences--to choose how you spend it, where you spend it, and whom you spend it with--is the ultimate goal. This is the desired end state of true control over your time.
- Create more time with those you love most.
- When you establish long fixed hours to do your work, you find unproductive ways to fill it--you work longer but get less done. The better way, to paraphrase entrepreneur Naval Ravikant, is to work like a lion: Sprint, rest, repeat.
- Use stakes to gamify big projects. It can be very effective.
- The only thing that matters at all is the quality of the relationships with the people we love.
- Social wealth is built upon this foundation of depth--upon the strength of your ties to these few, cherished relationships. It is expanded through breadth--connection to extended circles of friends, communities, and cultures. Finally, it is secured through earned status, a durable form of social positioning that cannot be bought.
- Human connection is ultimately what provides the lasting texture and meaning in life. Without Social Wealth, achievement across any other arena will feel unfulfilling, even bland.
- The single greatest predictor of physical health at age eighty was relationship satisfaction at age fifty.
- Proximity to people you love is worth more than any job will ever pay you.
- When someone you love comes to you with a problem, ask, "Do you want to be helped, heard, or hugged?"
- Helped - deconstruct the problem and identify potential solutions. The fix-it mentality can come out to play.
- Heard - listen intently and allow the other person to express (and vent) as needed.
- Hugged - provide comforting physical touch. Touch is a powerful love language for many. Sometimes people just want to feel your presence with them.
- Curiosity is the foundation of a life of Mental Wealth.
- A life of Mental Wealth is a life of victory in the fight against equilibrium; it is a life that pays the price for its distinctiveness from its surroundings and reaps the immense rewards held therein.
- Eight thinking prompts I have found particularly useful:
- If I repeated my current typical day for one hundred days, would my life be better or worse?
- If people observed my actions for a week, what would they say my priorities are?
- If I were the main character in a movie of my life, what would the audience be screaming at me to do right now?
- Am I hunting antelope (big important problems) or field mice (small urgent problems)?
- How can I do less but better?
- What are my strongest beliefs? What would it take for me to change my mind on them?
- What are a few things I know now that I wish I'd known five years ago?
- What actions did I engage in five years ago that I cringe at today? What actions am I engaged in today that I might cringe at in five years?
- The 1-1-1 method. Every single evening, at the end of your day, open your journal and write down three simple points: One win from the day. One point of tension, anxiety, or stress. One point of gratitude.
- Every single say that you delay is a missed opportunity that you'll never get back.
- The first hour of your morning sets the tone for the entire day ahead.
- Those who are willing to live below their means in their early years are highly likely to reap the rewards in the future.
- Never think twice about investments in yourself:
- Books, courses, and education
- Fitness
- Networking events
- Quality food
- Mental health
- Personal development
- Sleep